本文關(guān)鍵詞：資產(chǎn)證券化的宏觀經(jīng)濟(jì)效應(yīng)——基于CC-LM模型的實(shí)證分析　出處：《經(jīng)濟(jì)學(xué)動(dòng)態(tài)》2017年10期 　論文類型：期刊論文

  更多相關(guān)文章： 資產(chǎn)證券化 宏觀經(jīng)濟(jì)效應(yīng) 貨幣需求量 信貸規(guī)模 經(jīng)濟(jì)增長(zhǎng)

【摘要】：本文在一般均衡視角下利用CC-LM模型引入證券化因素進(jìn)行數(shù)理模型分析,發(fā)現(xiàn)資產(chǎn)證券化能促進(jìn)實(shí)體經(jīng)濟(jì)產(chǎn)出的增加,而對(duì)LM曲線的影響具有不確定性。根據(jù)世界主要經(jīng)濟(jì)體中的65個(gè)國(guó)家的動(dòng)態(tài)面板數(shù)據(jù)對(duì)資產(chǎn)證券化宏觀經(jīng)濟(jì)效應(yīng)進(jìn)行了實(shí)證分析,發(fā)現(xiàn)證券化促進(jìn)了貨幣需求量的小幅增加和信貸規(guī)模的顯著擴(kuò)張,同時(shí)有利于降低貨幣信貸市場(chǎng)的利率水平,促進(jìn)GDP的增長(zhǎng)。最后,結(jié)合我國(guó)資產(chǎn)證券化發(fā)展的實(shí)踐,給出若干政策啟示。
[Abstract]:From the perspective of general equilibrium, this paper uses the CC-LM model to analyze the mathematical model of securitization, and finds that asset securitization can promote the increase of real economic output. Based on the dynamic panel data of 65 major economies in the world, the macroeconomic effects of asset securitization are analyzed empirically. It is found that securitization promotes the small increase of money demand and the remarkable expansion of credit scale, at the same time, it is helpful to lower the interest rate level of money credit market and promote the growth of GDP. Combined with the practice of asset securitization development in China, some policy implications are given.
【作者單位】： 蘭州財(cái)經(jīng)大學(xué);北京師范大學(xué)經(jīng)濟(jì)與工商管理學(xué)院;河北科技師范學(xué)院;
【基金】：國(guó)家社科基金重點(diǎn)項(xiàng)目“推進(jìn)我國(guó)資本市場(chǎng)的改革、規(guī)范和發(fā)展研究”(14AZD035)的資助
【分類號(hào)】：F224;F832.51
【正文快照】： 一、引言狹義的資產(chǎn)證券化是指將一組流動(dòng)性較差的信貸資產(chǎn)或者其他債權(quán)性資產(chǎn),通過(guò)特殊目的載體(Special　Purpose　Vehicle)進(jìn)行結(jié)構(gòu)性重組,并實(shí)施一定的信用增級(jí),以未來(lái)可預(yù)見(jiàn)的穩(wěn)定現(xiàn)金流收益作為支撐,在金融市場(chǎng)上發(fā)行證券產(chǎn)品的過(guò)程。而廣義的資產(chǎn)證券化是指將非流動(dòng)性，

本文編號(hào)：1406658